Crude Oil prices advanced to about 10% at the pre-open of the U.S trading session, over news that a COVID-19 vaccine is in play and more stimulus packages would boost a global fragile economy – sparking a buoyant mood across energy markets.
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At the time of writing this report, Brent crude prices were up about 9.25%, breaking out of its strong resistance level of $43/Barrel, and West Texas Intermediate gaining over 10% to trade over 40.90/Barrel.
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Also, OPEC energy ministers talked openly about the possibility of adjusting their oil-cuts deal, the latest signal that OPEC+ is reconsidering plans to hike production in January.
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“With the consensus of everybody, we could navigate with this agreement and tweak this agreement, subject to what we may see in the future,” Saudi Energy Minister Prince Abdulaziz Bin Salman said at a virtual session of the Abu Dhabi International Exhibition and Conference on Monday.
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